P7.4 (LO 2. 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below. Journalize transactions in special journals. 101 Cash | 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances | 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands). Jan. 3 Purchased merchandise on account from Gum Co. ¥9,000. 4 Purchased supplies for cash \80. 4 Sold merchandise on account to Wei W5,250, invoice no. 371, terms 1/10, n/30. 5 Returned ¥300 worth of damaged goods purchased on account from Gum Co. on January 3. 6 Made cash sales for the week totaling \3,150. 8 Purchased merchandise on account from Pang Co. ¥4,500. 9 Sold merchandise on account to Loeng Corp. ¥5,400, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Che Co. ¥3,700. 13 Paid in full Gum Co. on account less a 2% discount. 13 Made cash sales for the week totaling \6,260. 15 Received payment from Loeng Corp. for involce no. 372. 15 Paid semi-monthly salaries of *14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. \1,200, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Ziu Corp. \5,500. 20 Cash sales for the week totaled \3,200.
P7.4 (LO 2. 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below. Journalize transactions in special journals. 101 Cash | 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances | 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands). Jan. 3 Purchased merchandise on account from Gum Co. ¥9,000. 4 Purchased supplies for cash \80. 4 Sold merchandise on account to Wei W5,250, invoice no. 371, terms 1/10, n/30. 5 Returned ¥300 worth of damaged goods purchased on account from Gum Co. on January 3. 6 Made cash sales for the week totaling \3,150. 8 Purchased merchandise on account from Pang Co. ¥4,500. 9 Sold merchandise on account to Loeng Corp. ¥5,400, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Che Co. ¥3,700. 13 Paid in full Gum Co. on account less a 2% discount. 13 Made cash sales for the week totaling \6,260. 15 Received payment from Loeng Corp. for involce no. 372. 15 Paid semi-monthly salaries of *14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. \1,200, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Ziu Corp. \5,500. 20 Cash sales for the week totaled \3,200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I want the solution for part a in 4 separate tables , and in the photos i have told you the final answer to check from your solution, and answer part b and part c and make every part on it’s own so i can know where is the solution for each part ,,, the 2 photos are the same question, because it’s a long question.
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